Constellation nabs $3m from TwinStar Credit Union as part of strategic partnership

Constellation, a technology developer for credit unions, has formed a strategic partnership with TwinStar Credit Union, alongside a $3m capital injection.

This deal marks the 13th investment into Constellation since its launch last year and brings its total capital raised to $29m.

North Carolina-based Constellation is an open digital banking platform for credit unions which enables service providers to create services and add them to the platform in a marketplace-styled interface. Credit Unions can then select which services to offer their members through the platform.

The company works with other app developers to help build digital financial solutions and experiences for credit unions.

Its first software, Aquarius, was launched in February and two more services are planned for launch later in the year. The company serves around 120,000 members across Washington and Oregon and has $1.3bn in assets, according to the company.

Constellation founder and CEO Kristopher Kovacs said, “TwinStar is an excellent partner for us and we truly value their investment in our platform. Along with them, we will be able to take Constellation to the next level for credit unions and members everywhere.

“Constellation is uniting FinTechs and credit unions together to bring our digital services platform to market and TwinStar is helping bring our vision to life.”

Some of the other credit unions to partner and invest into Constellation include Coastal Credit Union, Teacher’s Credit Union, CFCU Community Credit Union, Meritrust Credit Union, and Affinity Federal Credit Union, among others.

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